Bitcoin ( BTCUSD ) continues trading within a very narrow range. The tendency continues to be bearish-sideways, with the potential of a bullish breakout ( falling wedge ). You can see the details drawn on the chart.

Conditions for change: If Bitcoin is to continue falling, you can expect support within the $3215 and $3280 range.

If this range holds as support, you can expect a bounce from here and a great place to go LONG.

If this support breaks, Bitcoin ( BTCUSD ) goes down and closes below $3215.2, then we can look for additional bearish action and a new analysis is needed.

Support and resistance levels:

Immediate resistance sits at $3462.3.
This is the first resistance that needs to be broken if Bitcoin wants to move up.

Immediate support sits at $3405.3.
This is the first support that needs to be broken if Bitcoin wants to continue moving down.

@alanmasters, Hmmmm I'm not really one that follows correlation but I took a quick look. To me I don't think it's a bullish reversal, price action isn't suggesting a reversal to me. One more down I would think but it pay's to buy these C waves when price is so low as you never know. (hope it's the right chart you were referring to)